"Micro cap" trusts/funds seem to be an interesting corner of the UK investment universe (I'm thinking of MINI, RMMC, Downing's fund and new trust; perhaps WPCT too), at least for those with the stomach for the risks.
To what extent is an ordinary UK private investor who buys some shares/units in these things (whether in an ISA/SIPP or unsheltered dealing account) missing out on the sort of reliefs/incentives which they'd be able to claim if they accessed the same underlying "micro cap" world through VCTs or even direct investment in AIM shares? (I am vaguely aware there are some tax advantages - EIS? SEIS? - around VCTs and AIM/unlisted shares, but know little more than that). Could private investors looking for some "micro cap" exposure be significantly better off looking at VCTs (or some other vehicle) than these trusts/fund?
NB This isn't a question about the merits/risks of micro-cap investment, just about the relative efficiencies of ways of accessing that sector.